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Biotech focused on pulmonary hypertension drugs, also developing gene-edited pig organs for human transplantation.
Biotech focused on pulmonary hypertension drugs, also developing gene-edited pig organs for human transplantation.
Earns most of its revenue from drugs built on one molecule, treprostinil, given by inhaler, pill or infusion for pulmonary arterial hypertension (high blood pressure in the lung arteries). The organ work, run through its subsidiary Revivicor, is funded from those drug sales and has no product revenue yet. It is organised as a public benefit corporation.
Moat: narrow (IP / patents, regulatory licence). Established leadership in a niche rare-disease category (PAH) with patent-protected drug formulations.
Headquarters: Silver Spring, Maryland, US · Founded: 1996 · Employees: 1,400
Size United Therapeutics (UTHR) is a United States Health Care company (Biotechnology) with a market value of $24.1B, the 436th largest of 3,117 United States companies the cockpit tracks. Shares closed at $562.02 on 6 Nov 2026.
Performance Over six months the shares fell 0.5%, against +14.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +21.9%); the operating margin is 43.6% (peer median 24.6%).
Valuation It trades at 22.0× forward earnings against a peer median of 31.4× (7th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.8 points above its cost of capital (7.3% WACC).
Short interest Short interest is 5.7% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.19B | $3.18B | $2.88B | $2.33B | $1.94B |
| Revenue growth | — | +11% | +24% | +20% | — |
| Gross profit | $2.75B | $2.80B | $2.57B | $2.07B | $1.78B |
| EBITDA | $1.48B | $1.60B | $1.45B | $1.24B | $1.04B |
| Net income | $1.23B | $1.33B | $1.20B | $985M | $727M |
| Free cash flow | $864M | $1.04B | $1.08B | $748M | $656M |
| Capital expenditure | $562M | $526M | $246M | $230M | $139M |
| Total debt | $0 | $0 | $300M | $700M | $800M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| United Therapeutics UTHR | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Liquidia LQDA | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UTHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | +9.1% | 11th highest of 21 |
| 6-month return | -0.5% | +14.5% | 4th lowest of 21 |
| Distance from 52-week high | -8.5% | -16.2% | 6th highest of 21 |
| Revenue growth (TTM) | +1.9% | +21.9% | 6th lowest of 20 |
| Operating margin | 43.6% | 24.6% | 3rd highest of 20 |
| Forward P/E | 22.0× | 31.4× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 10.2% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +16.5% | +18.5% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -16.9 pp | -8.5 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +18.8 pp | +1.6 pp | 5th highest of 20 |
| EV / EBITDA | 14.8× | 16.4× | 4th cheapest of 12 |
| Net debt / EBITDA | -1.4× | 1.7× | 3rd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% | +30.2% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% | +19.5% |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% | +17.6% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% | +31.4% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% | +7.7% |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |